Wants vs Needs SEPTEMBER 2 ND 2016 Bell

Wants vs. Needs SEPTEMBER 2 ND, 2016

Bell Ringer You have $100, 000. Write down all of the things that you would buy with it. Include an approximate cost.

Needs vs. Wants

Needs Things that are necessary for survival

Wants Things that you do not have to survive, you would like to have. They add pleasure and comfort to your life

Private vs. public wants When wants are widely shared by many people, they are called Public wants are satisfied (paid for) by local, state, and federal governments.

Satisfying Wants and Needs Businesses provide goods and services to satisfy wants and needs. What was the last store you shopped at? Was what you bought a good or a service? Discuss with your table.

Goods are physical products; things you can see and touch

Services are tasks that businesses perform for consumers. Things that are intangible, not stored, and do not result in ownership.

Wants are Unlimited

Resources are items that people can use to make or obtain what they need or want. EX. Money, Fuel, Labor Resources are LIMITED. Ex. You might want to buy the new i. Phone and a new pair of jeans but only have enough money to get one or the other. Businesses and Governments are faced with the same problem. Which wants will they satisfy based on the limited amount of resources available?

Decision-Making Process If you only had $20, and your friends asked you to go get pizza and see a movie with them on Friday, but you also were asked by other friends to go to the football game on Saturday ($15), which one would you choose?

Decision-Making Process 1. Identify the Problem Whether the problem is one that occurs daily or comes up only a few times in a lifetime, identifying the problem is the first step. 2. Identify possible courses of action Take time to think through the situation so you can identify and consider all the important alternatives 3. List Pros and Consider your values and goals when determining the advantages and disadvantages of each You can use this information to compare and evaluate your choices. 4. Make a decision Use the information you gathered to rank the alternatives and make a decision. Once you have decision, you can plan how to reach your goal. 5. alternative. made your Evaluate your decision Once your decision is put into effect, ask yourself whether you achieved the results you expected. you make the same choice again? Would

Create a Story Create your own decision-making story